Production-cut compliance hit record level, OPEC says

OPEC and its allies reiterated that all options to rebalance the oil market "are left open" as the producers announced a record-high level of compliance with their agreement to curtail production.

The joint ministerial committee responsible for monitoring the agreement, known as the JMMC, said Saturday that producing countries surpassed their voluntary production adjustment goal in September, with a compliance rate of 120 percent, according to a statement on the website of the Organization of the Petroleum Exporting Countries.

"The JMMC will continue to monitor other factors in the oil market and their influence on the ongoing market rebalancing process," it said. "All options are left open to ensure that every effort is made to rebalance the market for the benefit of all."

The 24 oil-producing nations that agreed in December to cut 1.8 million barrels a day, initially for a six-month period, have already extended their deal once -- by nine months, until the end of March 2018 -- in an effort to reduce crude inventories.

A Section on 10/22/2017

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